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Jul 7, 2022
This year in 2022, VR (virtual reality) revenues are projected to climb to $6.71 billion. By 2024, we could possibly see the amount doubling and hit $12.19.
The future looks just as bright for AR (augmented reality). Experts estimate that there will be 1.07 billion AR users worldwide this year, with the number rising to 1.73 billion two years later.
Major brands and celebs have started using AR and VR technology in 2020.
For instance, Balenciaga released a video game called Afterworld: The Age of Tomorrow, wherein players take an interactive journey with the end goal of exploring the Fall 2021 collection. The game starts at a Balenciaga virtual store.
Travis Scott’s Fortnite concert in 2020 is another virtual reality success. More than 12 million people attended the rapper’s first virtual performance, which is an all-time record according to the developer, Epic Games. Scott would beat Marshmello’s record of 10.7 million virtual attendees during the latter’s 2019 concert.
Indeed, the future of virtual reality and augmented reality is here. Marketers have been waiting for years to leverage these technologies for reaching consumers, and now, thanks to the metaverse, that moment has finally arrived.
We’re pretty sure you’ve heard of the metaverse too many times already that you’ve lost count due to the buzz it has been generating. However, you’re still trying to figure out it works.
How did it come about? Why has it gotten incredibly popular among companies around the world despite only being introduced recently?
How can you incorporate this new technology into your digital marketing efforts? How exactly can you use metaverse marketing to beat your competition and stay ahead of the curve?
Allow us to answer all of these questions below!
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Believe it or not, metaverse isn’t actually a new term. In fact, it was coined back in 1992 by author Neal Stephenson in his sci-fi novel, Snow Crash. He used it to describe a virtual, 3D space where programmable avatars get to interact with each other.
Little did he know, what was only a fictional concept would turn into a reality nearly three decades later.
Think of the metaverse as a parallel virtual world. It comes with various interoperable online spaces which give users (as virtual avatars) the freedom to shop, trade, travel, and socialize with others. Created by the convergence of virtually enhanced physical reality and physically persistent virtual space, it offers an immersive experience unlike any other.
People access this digital world using both augmented reality and virtual reality, requiring them to wear smart glasses and specialized headsets. AR utilizes computer-generated information to enhance real-world perception, whereas VR immerses users in the virtual land using computer-generated input.
As the metaverse continues to expand, it will provide a hyper-real alternative world for users to coexist in. It will serve as a virtual space where people can do the same things as offline and more. By more, we mean they can buy digital clothes, meet with people who are thousands of miles away, travel in VR, and attend concerts they can’t attend in real life. The possibilities are endless.
However, transitioning to the metaverse technology might take up to 10 years, according to Meta’s founder Mark Zuckerberg. Nevertheless, considering all the hype surrounding the metaverse, as well as the metaverse solutions that are already existing, it’s safe to say that the future is closer than we think.
To gain a deeper understanding of the newest form of digital marketing strategy, you should be able to familiarize yourself with its key characteristics.
It goes without saying that the metaverse is a social platform. You’ll encounter lots of other users there, in the form of avatars, and you can certainly hang out with them or do activities together. You might even come across bots, virtual agents, and manifestations of artificial intelligence.
The metaverse will be filled with content and experiences made by users. Everyone can freely create their own interactive content and enhance existing ones, giving people all the more reason to get more invested.
This one-of-a-kind virtual universe is available wherever you want to visit it. You can modify it whenever you feel like doing so, be it by constructing a new building or adding new objects. These changes will remain in place the next time you visit.
Another impressive characteristic you’ll find in metaverse is its ability to bridge digital world to the real world. Users will be able to seamlessly jump between both worlds and bring elements from one world to the other. For example, you could fly a drone in the virtual world while steering an actual drone in real life.
These virtual worlds will be equipped with fully functioning economies based on cryptocurrencies and non-fungible tokens (NFTs). There will be tons of opportunities for users to buy, sell, and invest.
Entering these immersive environments won’t be an issue, as users can access the metaverse using multiple forms of hardware. As long as people have their virtual reality headsets, they can interact with these worlds from their smartphones, tablets, or other mobile devices.
The age of digital dependency has, without a doubt, drastically changed the way consumers behave, although we could also agree that the coronavirus pandemic has played a role in the major shift.
More and more people are now doing their shopping online. Besides that, we’re also seeing an increasing number of people working, attending meetings, taking classes, and hosting events virtually.
That being said, metaverse presents an opportunity for brands to reach new audiences, boost consumer confidence, and explore a potential revenue stream.
Take Roblox, for example. The company, which boasts 200 million active users, spent $319 million on in-game currency in just the second quarter of 2020. It’s currently leading the metaverse games space for downloads and consumer spend.
Of course, it’s not only the video game industry that will benefit from metaverse marketing. It’s one of the many actually. Here are the rest:
If you belong to any of these industries, then it’s definitely a big must to invest in metaverse marketing. Why? Find out below as we tackle its top benefits!
Many companies are already using augmented reality to demonstrate how their products work. Consumers can try on clothes, get a virtual makeover, or see which furniture could fit nicely in their living room.
Let’s say you’re selling footwear and apparel online but you often have trouble attracting new customers. You’re not entirely sure what you’re doing wrong. A part of you thinks your content has something to do with it. Another part believes that it could be the quality of your photos.
Here’s a third possibility: they could be having reservations about your items. What if they’re keen on a specific product but they’re just not 100% certain it would look good on them?.
This is where AR technology comes in. With it, you allow users to fit virtual sneakers, sandals, dresses, pants, or just about anything you offer. You provide them a firsthand experience of your products, eventually giving them the confidence that making a purchase is the right move.
Since the digital world mirrors the real world, it’s only fitting that it requires digital money just as the real world requires real money. That’s why cryptocurrency and the metaverse go hand in hand.
Cryptocurrency makes it more convenient for both users and businesses to transact online.
Payments take a few clicks and you no longer need to link your banking account with virtual worlds, saving you a lot of time and effort. Plus, all transactions are transparent. This is especially crucial in the metaverse, as you’d want to have proof of all your virtual purchases from different companies.
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The metaverse brings a whole new level of entertainment and immersive experiences.
If your business happens to be among the first (or at least the first few ones) in your industry to introduce a metaverse experience to consumers, expect to draw widespread attention and gain traction. From AR/VR showrooms to branded gaming adventure and virtual goods, you’ll be winning the hearts of your prospective and existing customers in no time.
We don’t know about you, but we’d go for a good story over a slogan any day – and so do the majority of your audience.
As a digital marketing agency that has years of experience working with businesses of different sizes and industries, we can confidently say that storytelling is an essential element in building brand identity and awareness.
With virtual reality and other forms of technology you’ll find in the metaverse, imagine how mesmerized your audience will be when they see your brand storytelling. You’ll keep them coming back for more.
The metaverse will eventually transform storytelling into “storyliving,” which means users will be more than just passive listeners. They’ll be active participants or even characters who can make choices, thereby affecting the outcome.
Let’s face it. There will always instances where people couldn’t make it to your event due to the distance. Fortunately, there’s a simple fix for that now thanks to technology: Zoom or Google Meet stream.
Organizing a live show or conference that can be attended both virtually and in person isn’t actually new. Companies have been holding these so-called hybrid events for quite some time now.
And so, here comes the metaverse to take things up a notch yet again. Compared to a simple Zoom stream, a conference in the virtual universe is a full-fledged VR experience, along with proper networking and participation opportunities for the audience.
A live concert of your favorite band in the metaverse will make you feel as if you’re really there at the scene. The combined forces of virtual reality and metaverse will no doubt give you a strong feeling of presence.
Now that you’re vastly familiar with the metaverse and the incredible benefits it brings to a number of industries, you’re probably eager to learn how to implement it properly. You can start with these basics:
Virtual identities have a vital part to play in the metaverse. As a matter of fact, a study revealed that 92% of people value customization in creating their digital avatars. No wonder users in the 3D environment don’t mind spending a fortune to look good like in real life.
This is basically what paved the way for the direct-to-avatar (D2A) economy. The DRA market enables companies to sell and retail their virtual products directly to avatars. Leading brands, particularly those in the fashion industry, have been taking advantage of this opportunity. Gucci has sold a digital bag on Roblox for $4,000. Then, there’s Balenciaga teaming up with Fortnite to design virtual outfits, accessories, and weapons that players can buy for their online selves.
But what if you’re not a fashion brand? Can you still penetrate the D2A market? Absolutely!
These three tips should be able to help you get started:
In a nutshell, NFTs transform digital works of art and collectibles into unparalleled assets that are extremely easy to trade on the blockchain. They represent real-world objects, making it more efficient for everyone to buy, sell, and trade goods while reducing the risk of fraud at the same time.
That said, by creating your own non-fungible token for metaverse marketing, you can boost brand awareness, prove authenticity, and build consumer confidence.
You don’t have to be a tech expert to convert your goods into an NFT. You’ll only need a digital wallet, a small purchase of Ethereum, and a trusted NFT marketplace where you can upload and turn the content into a non-fungible token.
Many brands have partnered with online game universes like League of Legends or Fortnite to bolster their metaverse marketing efforts. You might as well follow suit if you need help creating virtual possessions that can fit naturally into the gaming experience.
AR is expected to take shopping experiences to new heights. The technology makes it possible for retailers to customize how each meta user encounters an item. And, with targeted offering in the retail space, customers will have a more impactful, personalized buying journey.
It’s no surprise that over 100 million people used AR to shop in 2020, as revealed by Gartner. What’s more, 73% of mobile AR users reported high satisfaction levels.
Here’s a fact: advertising is interruptive.
Sure, a three-second ad before a YouTube video can grab the viewer’s attention, but it can be a nuisance too. Inserting yourself natively into the platform, though, allows you to engage with your target audience without having to disturb their overall experience.
One of the most effective ways is by creating in-game advertising. Samsung and Coca-Cola did a solid job when they decided to display virtual billboards within video games like Hyper Scape and Football Manager.
Bidstack, an in-game ad platform, went on to disclose that these ads made a significant impact. Besides enhancing gameplay realism for 95% of players, they were also responsible for increasing purchase intent by 12%.
Make sure that you pick the right video gaming platform. Whether it’s PC, console, mobile, or streaming, your platform must increase your reach while still aligning with your brand. PC and console games are more popular for midcore gamers, whereas mobile games work best for casual gamers.
Providing an immersive experience can boost engagement in many ways. For one, your audience will become more invested in and loyal to your brand as you take them out of their comfort zone. There’s a huge chance that they’ll refer you to others, or maybe even post about you on social, if you continue to impress them.
Try to involve your audience in your storytelling process as what Genvid Holding’s Rival Peak did. The part-game, part-TV show live event invited players to determine the fates of 12 AI characters. It was a massive success, garnering 200 million engagements and surpassing 100 million minutes watched.
You can also go for advergames and live concert performances.
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Thanks to the metaverse, creating and marketing your virtual world to your target audience is now a reality. However, since it’s relatively new, it might be best to enlist the assistance of a leading digital marketing agency.
Digital Resource will be more than happy to lead you to the right direction. Our dedicated team of specialists will work with you to craft a customized marketing strategy that will help you engage and connect with your prospects and customers the metaverse way.
Get in touch with us now. We'll do our best to make you our next success story.
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